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Thread: Possible GM Bankruptcy and ALMS
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22nd May 2009, 20:39 #1
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Possible GM Bankruptcy and ALMS
DOes anyone have any idea/clue as to what well happen to the cars running in ALMS if GM finally does go ahead with Bankruptcy proceedings?
Hail to the Redskins Hail Victory
Art Monk and Darrell Green 2008 Hall of Fame
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23rd May 2009, 20:28 #2
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Originally Posted by jslone
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24th May 2009, 01:15 #3
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Guess we well have to watch the news this week and see what happens.
Hail to the Redskins Hail Victory
Art Monk and Darrell Green 2008 Hall of Fame
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24th May 2009, 11:42 #4
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I didn't think those cars were owned by GM.
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24th May 2009, 22:35 #5
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Chapter 11 bankrupcty-No effect.
Chapter 7 bankrupcty-Maybe they can find a private investor to buy the team.racing-reference.info/showblog?id=1785
9 Simple Rules as Suggested by a Nerd
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1st June 2009, 07:58 #6
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I would expect GM to file chapter 11. I'm not sure if it matters since I believe they provided some sponsor money for the Corvettes. The team was not a "factory owned" team.
"You can mop the blood up later." - R.A. Lafferty
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1st June 2009, 19:57 #7
It was always going to be Chapter 11. No one wanted Chapter 7. The main reason they couldn't have filed Chapter 11 months ago was because there was not enough private DIP financing to support such a huge amount - and that would have led to Chapter 7 liquidation.
But whether Chapter 11 or Chapter 7, most everything is in the hands of the court and the bankruptcy judge now. With Chapter 7, the teams would have likely ceased getting support during the liquidation process. With Chapter 11, whatever support is being given will be under court review and approval.
wmcot:
I'm not really sure who owns the GT1 Corvettes. I know Pratt & Miller builds them, but I'm not sure who owns them. My guess is it's GM Racing, but I don't know."Every generation's memory is exactly as long as its own experience." --John Kenneth Galbraith
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2nd June 2009, 20:58 #8
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This might be a sign but Steve Wesoloski, Road Racing Group Manager and the driving force behind the Corvette racing program was let go back in April.
The Corvette GT-2 program might continue. The real story is what will happen to Grand-Am as Pontiac is all but dead.
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3rd June 2009, 05:54 #9
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Originally Posted by wmcot
The few car rag writers that got to see them, and other racing factory only racing items, were taken to the factory shop where they could see them but not photograph them, per factory instructions.
Really?? I'm no fan of F1, but too many here have a giant chip on their shoulder about F1......Compared to the WRC, it's actually a well run series....unlike the WRC which is extremely amateur a lot...
WRC main class in 2025